Exclusive: Crypto startup Meanwhile, which collects and pays out life insurance policies in Bitcoin, raises $40 million
Summary
Zac Townsend, co-founder and CEO of crypto insurance company Meanwhile, believes there is a pool of crypto enthusiasts who want to pay for their life insurance policy in Bitcoininvestors are betting that hes right.Meanwhile just closed a $40 million Series A led by Framework Ventures and Fulgur Ventures with participation from the founder of crypto bank Xapo, Wences Casares, on Thursday. This round values Meanwhile at $190 million, Townsend told Fortune, nearly double what it was valued during its most recent funding round in 2022.Meanwhiles life insurance policies function similarly to average life insurance. So the idea of storing some value for your kids... in this global, censorship-resistant, decentralized, uncontrollable currency in Bitcoin is very attractive.Some people might argue that it is risky to take out a life insurance policy in Bitcoin because the currencys price is extremely volatile, often gaining or losing thousands of dollars within the span of a few hours. However, Townsend says that, while Bitcoin can be unpredictable in the short-term, it has historically provided returns in the long-term.The company produces revenue by lending out clients Bitcoin to large financial institutions like crypto exchanges and market makers over the course of one to two years, Townsend says. BitcoinIRA is a company that allows people to access Bitcoin investment in their retirement accounts.Townsend says Meanwhile will use the money raised in this round to expand globally and make sure their products are compliant with regulations.